Lehman Back to School Conference3 September 2008

Jim LawrenceChief Financial Officer

Safe Harbour Statement

This presentation may contain forward-looking statements, including 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995. Words such as 'expects', 'anticipates', 'intends' or the negative of these terms and other similar expressions of future performance or results, including financial objectives to 2010, and

their negatives are intended to identify such forward-looking statements. These forward-looking statements are based upon current expectations and assumptions regarding anticipated

developments and other factors affecting the Group. They are not historical facts, nor are they guarantees of future performance. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from

those expressed or implied by these forward-looking statements, including, among others, competitive pricing and activities, consumption levels, costs, the ability to maintain and manage key customer relationships and supply chain sources, currency values, interest rates, the ability to integrate acquisitions and complete planned divestitures, physical risks, environmental risks,

the ability to manage regulatory, tax and legal matters and resolve pending matters within current estimates, legislative, fiscal and regulatory developments, political, economic and social

conditions in the geographic markets where the Group operates and new or changed priorities of the Boards. Further details of potential risks and uncertainties affecting the Group are described

in the Group's filings with the London Stock Exchange, Euronext Amsterdam and the US Securities and Exchange Commission, including the Annual Report & Accounts on Form 20-F.

These forward-looking statements speak only as of the date of this presentation

Agenda

• Our Mission and Strategic Priorities

• First Half Business Performance

• The Journey to a New Unilever

• Developing & Emerging Markets

To make cleanliness commonplace, to lessen the work for women; to foster health and contribute to personal attractiveness that life may be more enjoyable and rewarding for the people who use our products.

William Hesketh Lever, 1890

In the days before mission statements William Hesketh Lever had a vision…..

120 years later our purpose is remarkably unchanged

Unilever’s mission is to add Vitality to life. We meet everyday needs

of nutrition, hygiene and personal care with brands that

help people feel good, look good and get more out of life.

And Our Mission Guides our Strategic Priorities

VitalityDeveloping & Emerging Markets

(D&E)

Personal Care

Developing & Emerging Markets

• 50% of the business by 2010

• Rooted in local communities

• Outstanding category leadership positions

• Highly profitable and fast growing

Personal Care

• World No. 1 positions in deodorants and mass skin

• World No. 2 position in daily hair care

• 5 ‘billion dollar’ brands – Rexona, Axe, Sunsilk, Lux, Dove

• High margin categories

People will use more…..

…..more people will use

Vitality

• Vitality underpins everything that we do….

• Healthy eating

• Beauty

• Cleanliness

• Environmentally friendly

Agenda

• Our Mission and Strategic Priorities

• First Half Business Performance

• The Journey to a New Unilever

• Developing & Emerging Markets

Key Financials

€0.79

0.9%

16.0%

€19.9bn

H1 2008

+6%Earnings per share

+7.0%Underlying sales growth(6.2)Exchange rates(0.9)Acquisition / Disposal

+40bpsUnderlying margin change+190bpsIncluding RDI*

+230bpsOperating Margin

(0.5)%Turnover

Change

* Restructuring, Disposals and one-off Items

0%1%2%3%4%5%6%7%8%

Q2 2

005

Q3 2

005

Q4 2

005*

Q1 2

006

Q2 2

006

Q3 2

006

Q4 2

006

Q1 2

007

Q2 2

007

Q3 2

007

Q4 2

007

Q1 2

008

Q2 2

008

Increasing Organic Growth

* days adjusted

Underlying sales growth

Annualised growth rate

Strong Contribution from Price

0.8%Volume

6.1%Price

7.0%

H1

Underlying sales growth

(40)bps(40)bps

Includes:

Systems changes

Lower ice-cream volumes

Spreads in Western Europe

America

USG

USG

• €2bn turnover, 15% of Unilever in Western Europe

• Very profitable

• Unilever market share > 50%

• Edible oil costs nearly doubled over 18 months

• Prices increases > 10%, volume -5%

Spreads in EuropeValue added innovation and campaigns

America

USG

USG

Family Goodness - Rama

Fat Reduction &

Improved Nutrition

Communicate health benefits

#1 product to reduce cholesterol

Goodness of Margarine Campaign

Becel/Flora pro.activ

Desirability vs Perceived PriceExample: Spreads in Netherlands

Des

irabi

lity

Inde

x

Equ

ity

Perceived PricePerceived Relative Price Index

Poor valueMore vulnerable/Less likely to grow

80 90 100 110 120

90

100

110

120

Becel

Becel pro activ

Bertolli

Blue band

Good valueMore resilient/

More likely to grow

UnileverOther local/brandedPrivate Label

Growth vs Market

10%

Growthvs Market

MarketGrowth**

Unilever Growth*

** Source: Nielsen, IRI* H1 USG, adjusted for systems pull-forward

14%D&E

3%2%W Europe

3%4%US

Increased Investment in Advertising

• Advertising up 5%

• Share of voice at least maintained

• Promotional spending held constantas price increases taken

• A&P as % of sales lower because of effect of price increases on the ratio

*Constant currency

€bn at constant exchange rates

-0.5

0.0

0.5

1.0

1.5

2.0

+€100m, +5%

Advertising Promotions

H1 2008

+190 bps0.9%(1.0)%Including RDIs*

+40 bpsA&PSavingsCost/price/mix

Key drivers:

+40 bpsUnderlying change

+230 bps

(230) bps

+230 bps16.0%13.7%Operating margin

ChangeH1 2008H1 2007

* Restructuring, disposals and one-off items

H1 Operating Margin Development

H1 Drivers of Operating Profit*

Price

A&PSavings Programme

Volume/ Mix

Commodity costs

Other Costs

UnderlyingProfit

Increase

€bn

*Excluding RDIs, constant currency, before acq/disp

H1 Drivers of EPS Growth

* Restructuring, disposals and one-off items

Key drivers (%):

Underlying sales growth 7Underlying margin growth 3

RDIs* 8 Currency (6)Tax rate (6)Share buy-back 2Other (minorities etc) (2)TOTAL 6

2008 Change2007

EPS (€) 0.75 0.79 6%

Includes RDI’s*, after tax 0.01 0.07

Returning Cash to Shareholders

• Strong track record of cash generation

• Increase in working capital in H1 2008 – expected to improve in H2

• Dividend payout ratio > 50% since 2000

• Share buy-back of at least €1.5bn in 2008 - €1.5bn completed to date

0

0,5

1

1,5

2

2,5

3

3,5

4

2001 2002 2003 2004 2005 2006 20070

5

10

15

20

25

30

Cas

h to

sha

reho

lder

s (€

bn)

Net D

ebt (€bn)

Dividends One-off dividend Share buy back Net debt

Agenda

• Our Mission and Strategic Priorities

• First Half Business Performance

• The Journey to a New Unilever

• Developing & Emerging Markets

The Journey to a New Unilever

• Raising the bar on innovation

• Shaping the portfolio

• A leaner and more profitable business

• One year ago we announced our accelerated change programme

Raising the Bar on Innovation

• One global category leader

• New chief R&D officer on executive team

• Bigger, faster innovation

• Average project value increased 5x

• c. 30% of turnover from last 2 years innovation

• c. 40% developed collaboratively with external partners

Lipton Green Tea

Lipton’s unique combination of health

benefitswith antioxidants to fight

free radicals

Pond’s Age Miracle

Skin that looks and feels younger

A revolutionary range of anti-ageing products designed specifically for the needs of Asian skin

Axe Chocolate

As Irresistible As Chocolate

Rolled out across Europe, Asia and Latin America

Now shipping in the US

Already No.1 Axe variant in key markets

Rexona in China

Don’t let body odour ruin the good impression you make. Always start your day with

Rexona!

Brilliant Advertising

The Journey to a New Unilever

• Raising the bar on innovation

• Shaping the portfolio

• A leaner and more profitable business

Shaping the Portfolio Progress to Date

Italy

Acquisitions Indonesia

Fruit Drinks

Russia

Ice Cream

Cote d’Ivoire

Soaps

• Disposals at average 1.8x Sales Multiple

Global

RTD Tea

Global

Disposals completed/announced

BrazilSpreads

USSeasonings

TurkeyOlive Oil

FranceCheese

Olive & Seed Oil Olive Oil North America

LaundryPalm OilCote d’Ivoire

Total Turnover €1.5bn

JV Extended

The Journey to a New Unilever

• Raising the bar on innovation

• Shaping the portfolio

• A leaner and more profitable business

A Global Management Team

Group Chief Executive

PresidentAsia Africa &

CE Europe

PresidentFoods, Home

& Personal Care

President Americas

CHRO CFO

Non-Executive Chairman

M. Polk H. Manwani V. Banga S. Ogg J. Lawrence

P. Cescau M. Treschow

President Western Europe

D. Baillie

Chief R&DOfficer

G. Berger

Blend of experience:

• Geographic background

• 4 internal, 5 external

Streamlined Management

0

200

400

600

800

1000

1200

2005 2007VP and above

Management headcount reduced by 40%

Transformation Progress

Largelycompleted29From 100 units

to 20-25 MCOsMulti-country organisations

40%€1.2 bn€3 bnRestructuring costs

30%€0.45 bn€1.5 bnSavings (reduction in annual cost base)

30%6,00020,000Headcount reduction

> 20%14Completed

> 80%51Announced

50 - 60Factory closures / streamlining

% to dateActualto datePlan

Agenda

• Our Mission and Strategic Priorities

• First Half Business Performance

• The Journey to a New Unilever

• Developing & Emerging Markets

The Consumer Pyramid…Rapidly evolving into a diamond

Have lots

Haves

Not yets

2008 2018 Change

+ 0.4

+ 0.6

- 0.4

3.2

2.2

0.9

Source: Unilever estimates

2.6

2.6

0.5

Billions of people

Annual per capita consumption (US$)

Source: Euromonitor 2007

Detergents Shampoo

Opportunities to Increase Per Capita Consumption

1.5 2.5 1.9

13.1

22.3

India China Indonesia Brazil US

0.31.3 1.3

7.76.7

India China Indonesia Brazil US

Sustained growth in D&E

Since 1990…• Underlying sales growth 9% pa on average• Volume growth 5% pa on average• Volume and value growth in every year

-2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Volume growth Price growth

H1

*1990-2002 LATAM and Asia all D&E countries. From 2003, D&E, all countries excl NA, WE, Japan and Australia.

0%

5%

10%

15%

20%

25%

30%

India China Indonesia SouthAfrica

Turkey Brazil Mexico Russia

Volume Price

D&E: Continued strong momentum

Total D&E H1

5%

9%

14%

Volume

Price

USG %

Products at Different Income Levels

LOW

HIGH

INDIA BRAZIL

Income Levels

+27%

+21%

+26%

+10%

flat

+13%

Our laundry brands cater to various income levels

Developed D&E D&E excl.Russia & China

Unileveraverage

D&E Growth is Profitable

2007 Operating margin before RDIs*

* Restructuring, disposals and one-off items

Conclusion

• First half performance on track

• Continued strong growth in D&E countries

• Determined pricing action to recover cost increases

• Transformation programme delivering benefits

• On course to deliver outlook

Outlook

2008 to mark a further step towards our 2010 goals

• 2010 goals– Operating margin > 15%– Consistent, competitive growth at 3-5% p.a.

• 2008 Outlook– Underlying sales growth expected to exceed 3-5% range– Underlying improvement in operating margin

Further information and contact details

The IR team can be contacted by telephone as follows:

+ 44 (0) 20 7822 6830

Or by e-mail at:investor.relations@unilever.com

The shareholder centre at www.unilever.com gives information on how to purchase Unilever stock.

More information on Unilever is available at www.unilever.com